KRG Pays Taq Taq Field Partners

Genel Energy plc announced Tuesday that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.

This represents the fourth export payment by the KRG since payments recommenced in September 2015. Genel’s share of the gross Taq Taq payment is $16.5 million. In December last year, the KRG paid Genel and DNO $30 million as a partial payment towards oil exported from the Tawke field. As of March 5, 2015, Genel Energy was owed $233 million for oil sold to the Kurdistan Regional Government.

Late last year, DNO Executive Chairman Bijan Mossavar-Rahmani revealed that DNO and Genel’s combined capital expenditure in Kurdistan has fallen considerably as a result of the Kurdistan Regional Government’s lack of payments to producing international oil companies. 

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